Evidence of aversion to ambiguity

The Ellsberg paradox is a paradox in decision theory in which people’s choices violate the postulates of subjective expected utility.[1] It is generally taken to be evidence for ambiguity aversion. The paradox was popularized by Daniel Ellsberg, although a version of it was noted considerably earlier by John Maynard Keynes.[2] The basic idea is thatContinue reading “Evidence of aversion to ambiguity”

Collective retreat from society, prologue

The term me decade was coined by novelist Tom Wolfe in New York magazine in August 1976, describing the new American preoccupation with self-awareness and the collective retreat from history, community, and human reciprocity. The term seemed to de-scribe the age so aptly that it quickly became commonly associated with the 1970s. Compared to theContinue reading “Collective retreat from society, prologue”